"The Land of Heart's Delight"

Follow us on:

  
  

 

General Government Debt
The General Obligation Interest and Sinking (I&S) Fund accounts for resources to be used to service the city’s long-term debt. Tax revenue is accumulated to pay principal and interest on bonds sold for various improvement projects, such as street and drainage improvements.  The amount of the taxes levied is determined by the Brooks County Tax Assessor and approved by the City Council.  The function of this fund is to retire bonded indebtedness and pay the interest on the indebtedness.  

Beginning fiscal year 2014, the total outstanding debt supported from ad valorem taxes was $3,754,758 for utility system projects in the form of General Obligation (GO) refunded bonds. Principal payments will be made using utility system revenues and will reduce the outstanding bond indebtedness by $304,000 during the year. All current outstanding debt will be paid by the year 2028.

Statutes of the State of Texas limit the maximum amount of ad valorem tax that can be levied by a General Law Type-A city to no more than $1.50 per $100 of assessed valuation. 
 
Water/Sewer Utility Debt
The Water, Sewer, and Gas Systems operate as the City’s Enterprise Funds. Utilities Interest and Sinking (I&S) Fund accounts for resources to be used to service the water, sewer, and gas utility's long-term debt.  This fund accumulates revenues from the Water/Sewer/Gas Utility Fund to pay principal and interest on bonds sold for various improvements or expansions to the water distribution, sewer collection, and gas distribution systems. Enterprise fund supports the GO bond general government debt of $3,754,758 through water, sewer, and gas revenues. The scheduled transfer out for principal payments for fiscal year 2014 is $304,000.  All current outstanding debt will be paid by the year 2028.

 

City of Falfurrias Debt Information